Is Palatine, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Palatine has remained a Seller's Market.
Housing Prices in Palatine, IL
How much do homes in Palatine, IL cost?
Median Sold Price
$323,483
$203/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Palatine was $323,483 in March 2024, up 15.5% from last year, and the median price per square foot was $203.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $125K | $146.5K | +17.2% |
2 Bedrooms | $211.3K | $236.2K | +11.8% |
3 Bedrooms | $330.5K | $362.5K | +9.7% |
4 Bedrooms | $450K | $481.5K | +7.0% |
5+ Bedrooms | $600K | $556K | -7.3% |
Summary: Palatine housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.2%, 2 bedroom homes increased by 11.8%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 7%, and 5+ bedroom homes decreased by 7.3%.
Median Sold Price Compared To Nearby Cities
Palatine | $279.9K | $323.4K | +15.5% |
Rolling Meadows | $268K | $291.1K | +8.7% |
Palatine Township | $317.2K | $340.1K | +7.2% |
Inverness | $685K | $678.5K | -0.9% |
Deer Park | $553K | $545K | -1.4% |
Housing Supply in Palatine, IL
How many homes are available in Palatine, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
168 | 217 | +29.2% |
Summary: The Palatine real estate market had 217 homes for sale in March 2024, a 29.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 15 | 24 | +60.0% |
2 Bedrooms | 55 | 70 | +27.3% |
3 Bedrooms | 40 | 50 | +25.0% |
4 Bedrooms | 45 | 57 | +26.7% |
5+ Bedrooms | 13 | 16 | +23.1% |
Summary: The Palatine housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 60%, 2 bedroom homes increased by 27.3%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 26.7%, and 5+ bedroom homes increased by 23.1%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
43 | 68 | +58.1% |
Asking Price vs. Sold Price
21 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
35 Homes Were Sold
Over Asking
Summary: A total of 68 homes were sold or pending in Palatine in March 2024, up by 58.1% month-over-month. Of the 68 sold homes, 31% were sold under asking, 18% were sold at asking, and 51% were sold over asking.
Days on Market for Palatine, IL
How long does it take to sell a home in Palatine, IL?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
21 Days | 24 Days | +14.3% |
Summary: Homes in Palatine had an average of 24 days on market in Mar 2024, up by 14.3% compared to last year.
Breakdown of Home Sale Times
56 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Summary: During March 2024, 68 homes were sold in Palatine; 82% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.